Precious metals have been among the strongest performers this year, supported by geopolitical risk, expectations of looser monetary policy and global economic stability.
Gold prices surged to record highs in 2025, going up as much as $4,481 (€3,797) per troy ounce recently — a rise in the neighbourhood of 55–70% year-on-year, marking one of the strongest annual rallies in decades.
Silver, often perceived as the lesser metal, outpaced gold in percentage terms, with annual gains around 130-140%, reaching record levels near $69 (€58) per ounce by late 2025.
Precious metals — a safe-haven investment throughout human history that got replaced by more sophisticated modern stores of value such as currency, bonds or real estate assets — saw a comeback in a year marked by tariff tit-for-tat, central banks across the world reducing their reliance on the dollar as a reserve currency and persistent political tensions.
This week saw the price of gold go up as much as 2.4% and silver go up by 3.4% as tensions flared between the US and Venezuela, especially after the US Navy was seen trying to seize a third oil tanker linked to the South American country.
While gold prices are not directly tied to Venezuela, it is what Venezuela tensions signal to markets. A political and security crisis like the ongoing standoff with Venezuela signals to investors that a cluster of risks light up at once, such as energy supply disruption, sanctions escalation and great-power friction.
Gold, in particular, as well as silver quickly becomes appealing to investors because it is not tied or dominated by any single government or country, does not depend on corporate earnings, does not carry default risk and is harder to sanction or freeze.
Below, Euronews put together a list of key events that affected gold and silver prices this year.
January–March: Tariffs and early safe-haven demand
While not yet at the big record levels, gold prices began the year elevated, reflecting uncertainty about inflation, interest rates and spillovers from the ongoing Russian invasion of Ukraine.
In March, gold surged above $3,000 (€2,544) per ounce for the first time in 2025 as fears grew over new and expanding US tariffs under US President Donald Trump — especially steel, aluminium and potential broader trade measures.
Markets interpreted this as a sign of an expanding trade war and higher inflation risk, prompting investors to buy gold as a safe haven. Silver’s reaction was more muted initially.
April–June: Middle East tensions and safe haven kicks in
Trump's Liberation Day tariffs were announced on 2 April, and spot gold prices rose toward record highs above $3,100 (€2,628) per troy ounce as traders reacted to fears of an escalating trade war.
Gold continued to climb steadily in the spring and early summer, crossing new record peaks of up to $3,354 (€2,842) per troy ounce in response to broadening geopolitical stress — including renewed tensions in the Middle East, particularly between Iran and Israel. In late June, the US Air Force and Navy attacked three nuclear facilities in Iran as part of the Iran–Israel war.
July–September: Fed rate expectations and full tariff regime
A public standoff between President Donald Trump and Fed chair Jerome Powell over interest rates only strengthened gold's mid-year rally. Trump repeatedly criticised Powell for keeping rates high and pressed for cuts that Powell declined to deliver, fuelling speculation about the possibility of changes to Fed leadership.
Spot gold climbed to above $3,400 (€2,883) per ounce through the summer, buoyed not only by monetary policy outlooks but by persistent uncertainty about global trade policy as well. On July 11, Trump's sweeping tariff package was announced, after many aspects were delayed following the first April rollout — and largely came into force on 1 August, adding to a broader trend of central banks increasing gold holdings as part of longer-term reserve diversification.
Silver also continued its strong performance, reaching a high of $38.46 per ounce in mid-July.
October–November: Gold above $4,000 as trade, policy and shutdown risks mount
Gold cleared the $4,000 (€3,392) per ounce mark in early October, driven by safe-haven demand as markets balanced expectations of US Federal Reserve rate cuts with persistent geopolitical and policy uncertainty.
By 13 October, gold climbed to more than $4,133 (€3,504) amid ongoing US–China trade tensions. In late October, hopes for progress in US–China trade talks briefly trimmed gold’s gains, with prices dipping back below $4,000 (€3,392), but the broader uptrend held.
Investors were also watching a looming US government shutdown and continued public criticism of the Federal Reserve’s policy stance from the Trump administration.
Into late November, gold was set for its fourth consecutive monthly gain, with spot prices around $4,210 (€3,567) on 28 November. Silver also advanced, hitting a fresh record high near $56.78 (€48.12) per ounce.
December: Record highs and Venezuela tensions
Late December 2025 was the most dramatic period. Gold reached its current records of above $4,490 per troy ounce and silver neared $70 per ounce as investors flocked to safe havens amid reports of US military action and attempts to seize Venezuela-linked oil tankers.
Markets also priced in expectations of further US Federal Reserve rate cuts in 2026, which could lower real yields and further support bullion, compounded by a weakening US dollar.
